LVMH’s Tiffany takeover back on – at a slight discount

LVMH and Tiffany & Co have agreed to new terms and a slightly reduced price for the French luxury group’s takeover of the New York jeweller.

The two parties have also agreed to set aside their respective suits in the Delaware Chancery Court and work towards what they are now describing as a “merger agreement”.

LVMH agreed to pay US$16.2 billion to take full control of Tiffany in a deal struck late last year, well before Covid-19 changed the shape of the global luxury industry. Doubts about the completion of the deal emerged in late May as retail sales declined and LVMH tried to cancel the deal in early September, sparking a court suit from Tiffany and a counter suit by LVMH.

Today, however, LVMH issued a statement…